Parametric Sound Announces Closing of New $60 Million Credit Facility
SAN DIEGO, CA--(Marketwired - Apr 1, 2014) - Parametric Sound Corporation (NASDAQ: PAMT) is pleased to announce that it has entered into a new five year $60 million asset-based revolving credit facility (the "ABL Facility") with Bank of America. The new credit facility replaces Parametric Sound Corporation's previous credit facility and will provide improved and expanded funding for both U.S. and European operations.
"This new ABL Facility provides more borrowing capacity, better terms and a lower interest rate than our prior facility," said John Hanson, Chief Financial Officer of Parametric Sound Corporation. "We believe this new agreement reflects our strong financial fundamentals and the confidence our lender has in our company."
Details of the new financing are included in a corresponding Form 8-K filing.
"The new credit facility will allow us to better finance our international operations, which is an important growth vehicle of our gaming headset business," said Juergen Stark, Chief Executive Officer of Parametric Sound Corporation. "Securing financing that is properly aligned with our business and our long-term growth strategy is an important milestone for our company and we are delighted to be working with Bank of America."
About Parametric Sound
Parametric Sound Corporation is an audio technology company that markets innovative products under the Turtle Beach and HyperSound brands.
The company designs and markets premium audio peripherals for video game consoles, personal computers and mobile devices under the brand Turtle Beach (TurtleBeach.com), including officially-licensed headsets for the next-generation Xbox One and PlayStation 4 consoles. Turtle Beach is the leading brand in video game audio and the official audio provider for Major League Gaming, the world's largest eSports league, and Twitch, the world's leading video platform and community for gamers.
Under the brand HyperSound (HyperSound.com), the company markets pioneering directed audio solutions that beam sound to a specific listening area without the ambient noise of traditional speakers. HyperSound has applications in digital signage and kiosks, consumer electronics and health care.
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